The Tim Tebow Foundation launched a "dollar day" fundraiser today for the recently announced Tebow CURE Hospital in the Philippines.

The cost of the project is about $3.1 million, with about $700,000 of that amount unfunded. In a news release today, Tebow asked each of his fans to donate a dollar toward the $700,000 goal.

To donate, go to timtebowfoundation.org.

The Tebow CURE Hospital is a combined effort between the Tim Tebow Foundation and CURE International, according to the release.

"I am so thankful for my fans and the support they've always shown me," Tebow said in the release. "I am excited for this opportunity for my fans to join me in a project that is so close to my heart."

Given Tebow's fan base — he has 1.2 million social media supporters alone — foundation executive director Erik Dellenback said he was confident the goal could be reached in one day.

"Tim's fans are always eager to get involved and to make a difference," Dellenback said in the release "Dollar Day is a very real, very impactful way to help Tim reach this goal that is so important to him, and this is a great example of how a little can go a very long way."

The Tebow CURE Hospital will be a 30-bed surgical facility focusing primarily on orthopedics with over half of the surgeries expected to be charitable. The groundbreaking will be held in January 2012, and the hospital is expected to open in mid-2013.

The hospital, which is CURE's first in the Philippines and 12th worldwide, will be on the island of Mindanao, a particularly poor area of the Philippines. The hospital will also house a Timmy's Playroom, which will provide faith, hope and love to children before and after their surgeries. It will be the Tim Tebow Foundation's first international playroom, according to the release.